America's Oldest Bank Is Now Offering Crypto Staking — Here's What That Means for the Industry
(59 days ago) · 1 source · Summarized by CryptoBipto
Bank of New York Mellon (BNY), the oldest bank in the United States, has partnered with Galaxy Digital to offer institutional crypto staking services. This move allows large institutional clients to earn staking rewards on their crypto holdings while keeping assets in BNY's custody. The partnership signals deepening integration between traditional finance and crypto infrastructure.
WHY IT MATTERS
Imagine you put money in a savings account at a bank and earn interest — staking in crypto works somewhat similarly. When you 'stake' your crypto on certain blockchain networks, you're essentially locking it up to help the network run securely, and in return, you earn rewards. Until now, big institutional investors like pension funds and hedge funds have been cautious about staking because they didn't have a trusted, traditional bank to handle it for them. BNY Mellon — literally the oldest bank in America — now offering this service is like getting a stamp of approval from the most established player in finance. It could open the floodgates for much more institutional money to flow into crypto staking, which would be a big deal for the entire industry.
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